大摩:予金沙中國(1928.HK)“增持”評級 目標價40港元
摩根士丹利發表研究報告,指金沙中國(1928.HK)
第三季經調整物業EBITDA錄7.55億美元,按年持平,按季升約1%,低於該行預測5%,並大致符合市場預測下限。報告予其“
增持
”評級,目標價40港元。報告稱,金沙上季高端中場賭收勝預期,按季增6%至6.74億美元,按年則升9%,受惠中場贏率按季改善。普通中場賭收則錄7.62億美元,按年升8%,按季升1%。該行續稱,金沙上季貴賓廳收入錄4.39億美元,按年跌36%,按季跌22%,均遜於行業期內表現。
大摩指,按年計算,金沙上季貴賓廳及中場市佔均錄流失,這源於同業新濠博亞娛樂及美高梅中國(2282.HK)
新場地加快投運。按季計,金沙上季中場市佔擴張,但貴賓廳市佔流失。報告稱,即使金沙上季中場收入按年增長9%,EBITDA按年持平,意味貴賓廳弱勢及成本通脹對行業有不利影響。現時金沙估值相當於明年預測企業價值對EBITDA約12.1倍,股息收益率料5.3%,預期金沙未來每股派息有所增加。
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